INDEX UPDATE
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Per earlier updates, there are plenty of CLASS 2 SELLS, but a CLASS 2 can morf into a CLASS 1 if Fridays HIGHs are taken out to the upside.
So if we do get a CLASS 1 SELL than that would indicate that tomorrow will be the BUY-IN day at the highs of the day.
Also, as previously stated - I just cant see much movement in the market for the rest of DEC, either up or down - maybe 100-200 point swings, but no 10,000 by DEC 31 as some analysts thought when the DOW hit 9380 around Thanksgiving.
The NAZ did set new highs, which should not be ignored by those who are bearish. On the other hand the DOW 30 is lagging the NAZ,SPX with the market internals showing weakness and that should not be ignored by those who are bullish.
I read some comments on Jerry Favors this weekend, both in favor and against him. My position, on the basis of mathematical probability, is that there is absolutely no way to nail the market on a daily basis, with a high success rate on position trades(the exception is very short intraday trades which may last only a few minutes). I feel that Jerry is one of the best technical analysts with his strict analytical approach. I believe what bothers many is his "IF-THEN" comments, where there is uncertainty.
As I just indicated, mathematically it is impossible to predict the market on a daily basis, but there are times that market does become much more predictable. These more predicable times are when the market are at extremes, which Im sure Jerry does also along with his astrological indicators(Bradley). My point is that to expect a daily prediction is just not realistic.
As I am typing, the DOW is up 76 points so the CLASS 2 SELLs have now morfed into CLASS 1's with the BUY-IN time at tomorrows highs, but could also reverse as soon as today's highs. Im leaning more towards tomorrow.
seeya
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